67-year-old admits to having cheated small investors out of millions – Bavaria

At the beginning of the trial for investment fraud, the 67-year-old accused made a confession. The man from North Rhine-Westphalia has had to answer to the Augsburg district court since Wednesday because he is said to have robbed small investors from all over Germany of their savings. Some victims are said to have lost their entire pension plan. The public prosecutor’s office assumes a total damage of around nine million euros.

According to the indictment, the man had built up an opaque network of companies with numerous individual companies. With the help of these companies and constructed business models, he has lured his victims with the promise of 15 percent interest per year. He spent the money on his “luxurious life” within a decade, he said. Therefore there is nothing left. He had lived in the USA for a long time, where he was arrested in March 2022 and then extradited to the Federal Republic.

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